Pinnacle Investment (ASX:PNI) back on S&P ASX200, replaces Nuix (ASX:NXL)on index

Pinnacle Investment Management Group Limited (ASX:PNI) has re-entered the ASX200 while Nuix Limited (ASX:NXL) drops off.

Highlights

  • ASX:PNI is back on ASX200 after one year’s wait to be a part of the blue-chip list.
  • ASX:NXL is dumped out of the ASX200 portfolio based on its recent struggle to maintain value.
  • Changes on the ASX200 list are part of its quarterly rebalancing activity.

 

After PNI’s last month achieved a record full-year net profit after tax (NPAT) growth of 108%, i.e., AU$67 million, share prices have moved up 4%. The market cap has moved up to AU$3.12 billion, in line, backed by strong future growth potential.

PNI has replaced the struggling Nuix Limited from the blue-chip club on Friday as a part of quarterly rebalance activity. Since January, NXL shares have plummeted around 77%. The value of the tech stock has halved in less than five months, since March.         

 Other than PNI few others who got their place on the S&P ASX200 list were Sealink Travel Group Limited (ASX:SLK), Tyro Payments Limited(ASX:TYR), and Lifestyle Communities Limited (ASX:LIC). Meanwhile, companies that could not survive on the index were G8 Education Limited (ASX:GEM), NRW Holdings Limited (ASX:NWH), and Westgold Resources Limited (ASX:WGX).

After getting back on the Index, PNI shares were pegged on ASX at AU$16.44 per share on 6 September 2021 and NXL shares at AU$2.670.

Bottomline

The S&P Indices keep rebalancing portfolio in accordance to reflect a certain value. Additions and deletions from the Indices reflect on company’s potential performance and recent track record.        

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